Apple Misses Estimates On iphone And Services But Reaps Record Revenue

Apple’s fiscal fourth-quarter earnings saw the iPhone maker report record revenue but missed expectations in key categories such as iPhone and services.

Apple’s revenue came in at$90.15 billion, trumping the expected $88.64 billion. Its earnings per share was also $1.29 actual versus $1.26 expected.

While Apple’s Mac sales topped$11.5 billion actual versus $9.25 billion expected, its iPhone and iPad sales faltered in Q4.

Apple reaped$42.63 billion off it’s iPhones, falling short of the expected $42.67 billion. Its iPads also brought in $7.17 billion actual versus $7.81 billion expected while it’s services brought in $19.19 billion versus $19.97 billion expected.

Apple shares were down as much as 3% in after-hours trading. The company’s stock was down almost 16% year-to-date as of market close Thursday, just before reporting earnings.

Recently, Apple has gotten hammered amid reports that the company is cutting back Phone 14 Plus production and as it negotiates a difficult week for tech overall.

Apple released its iPhone 14 and Apple Watch Series 8 line in September. The iPhone 14 Pro and iPhone 14 Pro Max packed better displays, processors, and cameras than the less expensive iPhone 14 and iPhone 14 Plus.

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